AIM-listed Trinity Exploration & Production (LON:TRIN) saw its share price fall by 2.06% to 6.17p (as of 14:15 BST) after reporting a 2% rise in revenues for the year ended 31st December. Average realised oil prices dropped by 2% but improved efficiencies meant that adjusted EBITDA rose by 14%. Production levels have continued to grow since the close of the period and management said that field operations had not been negatively impacted by COVID-19.
Executive Chairman Bruce Dingwall commented: “2019 was a significant year for Trinity as we adopted new operating practices, along with new technologies and techniques, with a view to better securing, and then growing, our base production levels. The aim is to protect against the downside, whilst yielding better and more repeatable returns on investment in the future. We made substantive progress in 2019 towards our goal of becoming a more technologically driven operator in our effort to drive optimum financial and environmental performance, and these efforts will stand the Company in good stead when we look forward to 2021 and beyond.
“[…] Clearly the market has suffered due to the impact of the COVID-19 pandemic and the OPEC+ standoff, which together precipitated a significant decline in oil prices. Whilst the market backdrop is not as we would like, the strength of our operations and our balance sheet ensure that we remain well placed despite the challenging environment. We continue to prudently manage our operations, remain highly resilient to low oil prices and confident we can ride out the storm and be open to capture the opportunities that will inevitably exist for the more robust and low cost operators“.